Summary
PICA adopted Resolution No. 2020-05, approving the issuance and sale of refunding bonds to refinance PICA’s outstanding 2009 and 2010 Special Tax Revenue Refunding Bonds. This refinancing is intended to achieve debt service savings and improve financial management. The resolution authorizes the execution of financial agreements, including bond purchase contracts, indentures, and other necessary legal documents. The Board determined that a private negotiated sale of the bonds was in the best interest of the Authority. The resolution also authorizes the use of available debt service reserves to facilitate the refunding process. The resolution takes effect immediately, allowing PICA to proceed with the bond issuance.